Decentralized exchange (DEX) Uniswap surpassed centralized exchange Coinbase in April, according to CCData. This trend is continuing at the present time in May, and if this trend continues, it will be the fourth consecutive month.
Uniswap’s trading volume surpassed Coinbase’s in February, and while both exchanges’ trading volumes have declined since then, Uniswap still outperforms Coinbase.
Uniswap’s trading volume in April was approximately $37 billion (approximately ¥500 million), a significant drop from March, when it surpassed approximately $70 billion. Meanwhile, Coinbase traded around $34 billion in April and $49 billion in March.
According to CCData research analyst Jacob Joseph, the departure of USD Coin (USDC) from the dollar peg along with other stablecoins in March was a big factor in Uniswap’s volume growth. It is said that
“Traders have turned to on-chain trading to combat the uncertainty of this period,” he wrote in a statement to CoinDesk.
“As the largest decentralized exchange, Uniswap was well positioned to take advantage of declining market liquidity and increased regulation of centralized exchanges.”
He added that Bitcoin (BTC) and Ethereum (ETH) prices have been recovering since the beginning of the year, and improved market sentiment has led to renewed interest in DEXs.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: Decentralized Exchange Uniswap Trading Volume Outpaces Coinbase for 4th Consecutive Month